Promontory has worked extensively with financial institutions around the world to enhance corporate governance structures and processes, both in specific areas and more broadly across the corporation. Promontory assesses the effectiveness of accounting, financial reporting, and internal control systems to ensure that significant issues and key risks reach senior management and the board in a timely fashion and are appropriately addressed. This entails evaluation of how well institutions identify, measure, mitigate, and report risks—and of how well they escalate and deal with issues.
We conduct independent assessments of board effectiveness and assist boards in conducting their own self-assessments. Evaluating the organizational structure, practices, relevant expertise, and the content of board reporting enables us to provide clients with specific, actionable recommendations to meet applicable standards and improve governance practices for risk management, financial and regulatory reporting, compensation, and audit-related issues.
Our engagements encompass the following areas:
- Evaluation – benchmarking current practices against regulatory expectations and leading industry practices
- Recommendation – developing detailed suggestions to enhance practices and address identified gaps
- Implementation – assisting management in designing and executing action plans to give effect to recommendations and
- Validation – determining that the recommended enhancements have been successfully implemented and are effective, meaningful, and sustainable
Promontory’s Governance and Controls services fall into four broad areas: